What is grace period for payments?


The grace period for payments is the time allowed by the financial institution to the consumer to make the payments due without incurring penalty fees.

Grace Period for Mortgage Payments

Most mortgage loans have a 15-day grace period for monthly mortgage payments. After that, late fees will be charged even if the mortgage payment arrived only one day after the grace period.

Avoid making payments after the grace period for mortgages.

Your credit report will be blemished if the mortgage payment was received 30-days late. Payments received within the grace period do not affect your credit score.

Grace Period for Credit Cards

The grace period is different for credit cards.

While grace period for mortgage payments is the time the borrower may post their payment without being penalized, credit cards grace period is the time from making a credit card purchase to charging interest on the spent amount. At the same time, cash withdrawal from your credit card may not have a grace period for credit card payments.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
Was this Mortgage QnA helpful?
Not at all
  • Currently 3/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA: